I don't believe fussing over which index to base the negotiations on is the matter. I believe Renjian wants some sort of discount for paying 3 months in advance for every shipment. Cash flow is a big part of any operation and in this case of Cokal who needs the capital to get things moving.
I believe a few percent lower then the market price would be feasible and hope Cokal will accept that so we can have a happy xmas all.
IMO
Ann: Update on Coal Off-Take Finance LOI, page-45
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